NeosCoin (NEOS) Could Be A Great Short Term Crypto Trade

It’s time to talk about NeosCoin (NEOS). This is a coin that was trading for no more than a penny a piece back in the middle of the year. It’s one of those tokens that sort of ran under the radar against a backdrop of the major coins appreciating in value but that, slowly, has crept into the consciousness of cryptocurrency traders and – especially over the last few weeks – has leaped into the spotlight.

Well, sort of.

At current prices, it’s still only sitting on a market capitalization of a little over $46 million and twenty-four volume comes in at around $3.6 million. That doesn’t sound huge but, again, we’ve got to look at how far Neos has come over the last few weeks alone, and this adds a little perspective to the current metrics.

NEOS Daily Chart

So is this a sign of further appreciation?

Let’s try and answer that question.

First up, it’s well worth noting that this one is a relatively young project. Young, that is, in that it’s still in the early to mid stages of development. The coin that underpins the technology isn’t actually all that new, but what Neos is trying to do is still in buildout.

So what is it that the company is trying to do?

Well, it sounds grand – the company is trying to create a new version of the internet.

It sounds grand, because it is. Basically, Neos is trying to employ the decentralized features that a blockchain network allows for to build a network across people can share content, pictures, all that sort of thing (basically, anything that can be shared online) and is building out a front end to this network that is similar to the current format of the world wide web – websites, community spaces, content creation and publication capabilities, all that sort of thing.

So what’s driving the action of late?

To be frank, not a whole lot. Not a whole lot, that is, outside of what seems to be a huge boost ins speculative interest in the coin over the last couple of days. A look at the company’s Twitter hints at planned hard fork but nothing is confirmed yet and we don’t know any set timeframes for the fork in question. Despite this seeming lack of activity (we’re not talking about operational activity here, but more about a lack of communication in terms of fresh operational milestones being reached), volume (as mentioned above) is in the millions on the twenty-four-hour span, with early week volume hitting as high as $5 million worth of coins trading hands daily. When you’re looking at a coin with a market cap of $45 million, this sort of activity is really going to spark some upside action – assuming the sentiment bias is with the bulls, and it very much is here.

So this really does just look like some word of appreciating and – for us – that’s interesting. We often see this sort of action precede a much bigger run, as the major news outlets start to feature the coins in question in their biggest movers tables and – in turn – an increased (secondary) wave of speculative volume flows towards the coin. A sort of self-fulfilling bullish spiral, if you will.

Whether it’s a buy and hold at current prices is tough to say. The vision is there but there’s a lot of execution required to make it a reality. We’re not too concerned with that right now, however. What we’re looking at is this one’s potential for near-term appreciation and – in turn – its value as a short-term trade.

And from that angle, it looks great.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Neos.